Mabwell(688062) 国联证券·2024-09-04 02:38Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 116 million yuan for the first half of 2024, representing a year-over-year increase of 28.42%. However, the net profit attributable to shareholders was -445 million yuan, and the net profit after deducting non-recurring items was -461 million yuan [2][6] - The development of ADC (Antibody-Drug Conjugate) is progressing steadily, with multiple Phase III clinical trials initiated for the drug 9MW2821, which has received several FDA designations, including orphan drug status for esophageal cancer and fast track designation for cervical cancer and triple-negative breast cancer [6] - Sales are increasing significantly, with G-CSF expected to be approved for market by 2025. In the first half of 2024, drug sales revenue reached 65.67 million yuan, a year-over-year increase of 371.85% [6] Financial Performance and Projections - The company expects revenues for 2024, 2025, and 2026 to be 714 million yuan, 1.704 billion yuan, and 2.967 billion yuan, respectively, with year-over-year growth rates of 458.42%, 138.64%, and 74.14% [6] - The projected net profits for the same years are -1.025 billion yuan, -888 million yuan, and -539 million yuan, with growth rates of 2.70%, 13.38%, and 39.33% respectively [6] - The earnings per share (EPS) are forecasted to be -2.57 yuan, -2.22 yuan, and -1.35 yuan for 2024, 2025, and 2026 [6] Market Position and Valuation - The current price of the stock is 22.19 yuan, with a market capitalization of approximately 4.53 billion yuan [4] - The company has a total share capital of 399.60 million shares, with 204.17 million shares in circulation [4] - The price-to-earnings (P/E) ratio is projected to be -8.7 for 2024, -10.0 for 2025, and -16.5 for 2026, indicating a negative earnings outlook [6]